Alpha substituted carboxylic acids of formula (I):
wherein R1 and R2 are as defined in the specification and R3 is
wherein Y, Ar1, Ar2, Ar3, R4, R5, R6, R7, R8, R9, R9a, R10, R11, R12, R17, ring A, and p are as defined in the specification; pharmaceutical compositions containing effective amounts of said compounds or their salts are useful for treating PPAR, specifically PPAR α/γ related disorders, such as diabetes, dyslipidemia, obesity and inflammatory disorders.